The GOP's Problem: Obummer has been a resounding success

[RLLD 4,275]

 

Rich got richer is a republican mantra, Trickle on me economics

 

Under bush any moron without even a job qualified for an ARM mortgage and couldn't afford it. SOLID leadership.

 

Now it is much harder to get a mortgage. Which is how it should be,

 

And yet people still seem convinced that they were somehow due those extravagant prices for those homes.....funny....

[Sho Nuff 720]

IIRC, Bush warned many many times about how this could be an issue, but the Democratic Congress said it was nothing to worry about...

 

So that means its Obamas fault?

[edjr 6,988]

Bush admin actually warned that this could be an issue, Dems in Congress were having none of that though.

 

Don't let the facts get in the way of your retarded outbursts though.

 

Oh, silly me. I thought the President actually had powers

 

Obummer didn't let that pass, did he?

[posty 2,837]

So that means its Obamas fault?

I never said that... I just said that blaming Bush completely for the housing crisis isn't accurate as he mentioned it could be an issue...

[DankNuggs 305]

 

Rich got richer is a republican mantra, Trickle on me economics

 

Under bush any moron without even a job qualified for an ARM mortgage and couldn't afford it. SOLID leadership.

 

Now it is much harder to get a mortgage. Which is how it should be,

LOL.... you can still get an ARM, i think it was a really good way to go a couple years ago, then lock longterm over the past year... it its pretty much just as easy to get a mortgage... No one forced anyone to buy a house...

[DankNuggs 305]

 

And yet people still seem convinced that they were somehow due those extravagant prices for those homes.....funny....

I've never followed you on this. If you owned Google stock, and it had a 5% jump upon changing the umbrella corporation to Alphabet, is the expectation you would take .95 on the dollar? This managed economy bs has no basis in reality, its a warped way of thinking. Are we supposed to ignore market forces and inflation for some crazy notion of intrinsic value?

[Baker Boy 1,710]

Rich got richer is a republican mantra, Trickle on me economics

 

Under bush any moron without even a job qualified for an ARM mortgage and couldn't afford it. SOLID leadership.

 

Now it is much harder to get a mortgage. Which is how it should be,

You really are clueless when it comes to political issues. I am sure this is why you led the charge of clueless posters who hate political thread and the people who start them.

 

The Community Reinvestment Act, passed under Jimmy Cater was pumped up and expanded by President Clinton. It required banks to make loans to people with poor and nonexistent credit histories. This led to an explosion of subprime mortgages. Banks jumped in with the knowledge that the federal government would bail out any troubled too-big-to-fail financial corporations, which included Fannie Mae and Freddie Mac. The Bush Administration warned us of a bubble but Barney Frank assured all of us the this was not a problem. The Democratic congress agreed with him and the bubble burst.

 

Unfortunately the government is once again pushing sub prime mortgages.

 

The fact remains that the gap between rich and poor is greater now than when Obama took office.

 

Yes, your post is 100% incorrect!

[Magnificent Bastard 192]

Bush admin actually warned that this could be an issue, Dems in Congress were having none of that though.

 

Don't let the facts get in the way of your retarded outbursts though.

Was that when he was bragging that America was now an ownership society? It was Greenspan sounding the warning and doing nothing about it.

[DankNuggs 305]

You really are clueless when it comes to political issues. I am sure this is why you led the charge of clueless posters who hate political thread and the people who start them.

 

The Community Reinvestment Act, passed under Jimmy Cater was pumped up and expanded by President Clinton. It required banks to make loans to people with poor and nonexistent credit histories. This led to an explosion of subprime mortgages. Banks jumped in with the knowledge that the federal government would bail out any troubled too-big-to-fail financial corporations, which included Fannie Mae and Freddie Mac. The Bush Administration warned us of a bubble but Barney Frank assured all of us the this was not a problem. The Democratic congress agreed with him and the bubble burst.

 

Unfortunately the government is once again pushing sub prime mortgages.

 

The fact remains that the gap between rich and poor is greater now than when Obama took office.

 

Yes, your post is 100% incorrect!

This is all true, and the CRA was administered through HUD... Guys like Jack Kemp, Henry Cisneros.... Fannie and Freddie were the only ones ultimately backstopping loans as they had ulitmately taxpayer backing. Traditional banks didn't have that backstop (at least at the time they thought they didn't) and as such traditional banks couldn't compete in the environment.

[Magnificent Bastard 192]

You really are clueless when it comes to political issues. I am sure this is why you led the charge of clueless posters who hate political thread and the people who start them.

 

The Community Reinvestment Act, passed under Jimmy Cater was pumped up and expanded by President Clinton. It required banks to make loans to people with poor and nonexistent credit histories. This led to an explosion of subprime mortgages. Banks jumped in with the knowledge that the federal government would bail out any troubled too-big-to-fail financial corporations, which included Fannie Mae and Freddie Mac. The Bush Administration warned us of a bubble but Barney Frank assured all of us the this was not a problem. The Democratic congress agreed with him and the bubble burst.

 

Unfortunately the government is once again pushing sub prime mortgages.

 

The fact remains that the gap between rich and poor is greater now than when Obama took office.

 

Yes, your post is 100% incorrect!

The community reinvestment act required SOME banks to give sub prime loans. The Banks in the poor areas had that requirement. And it was only banks, not brokerage houses, who accounted for more than half the loans. Brokerage houses were under no obligation as far as the CRA was concerned.

[Magnificent Bastard 192]

There goes the Government again, pushing those poor powerless banks around again. Get a clue.

[DankNuggs 305]

The community reinvestment act required SOME banks to give sub prime loans. The Banks in the poor areas had that requirement. And it was only banks, not brokerage houses, who accounted for more than half the loans. Brokerage houses were under no obligation as far as the CRA was concerned.

Banks with assets above $250 million, which is pretty small in banking terms. If you didn't meet the evaluation criteria you were limited in the ability to grow in size.

[Magnificent Bastard 192]

Banks with assets above $250 million, which is pretty small in banking terms. If you didn't meet the evaluation criteria you were limited in the ability to grow in size.

They still only had to give loans in certain areas. They had the option of not doing business there if they didn't want to.

[DankNuggs 305]

They still only had to give loans in certain areas. They had the option of not doing business there if they didn't want to.

Yes they had the option of hamstringing themselves by not achieving CRA compliance... All the banks fought hard to comply so they would be allow to grow through acquisitions and mergers....

[Sho Nuff 720]

I never said that... I just said that blaming Bush completely for the housing crisis isn't accurate as he mentioned it could be an issue...

 

I agree.

In my post earlier about it I said it was not just on one.

But another poster seems to blame it on Obama.

[Magnificent Bastard 192]

Yes they had the option of hamstringing themselves by not achieving CRA compliance... All the banks fought hard to comply so they would be allow to grow through acquisitions and mergers....

So the Banks, who own our government, we're getting pushed around by our government? They could have cared less about the CRA. It was around since the 70's without a problem.

[Sho Nuff 720]

You really are clueless when it comes to political issues. I am sure this is why you led the charge of clueless posters who hate political thread and the people who start them.

 

The Community Reinvestment Act, passed under Jimmy Cater was pumped up and expanded by President Clinton. It required banks to make loans to people with poor and nonexistent credit histories. This led to an explosion of subprime mortgages. Banks jumped in with the knowledge that the federal government would bail out any troubled too-big-to-fail financial corporations, which included Fannie Mae and Freddie Mac. The Bush Administration warned us of a bubble but Barney Frank assured all of us the this was not a problem. The Democratic congress agreed with him and the bubble burst.

 

Unfortunately the government is once again pushing sub prime mortgages.

 

The fact remains that the gap between rich and poor is greater now than when Obama took office.

 

Yes, your post is 100% incorrect!

 

You saying the bolded is hilarious.

Of course its all Democrats faults in your eyes...everything is.

But if you knew all of this...why would you make the point about home ownership being Obama's fault right now?

 

Your post is 100% biased crap that isn't worth the tiny bit of storage space it takes up on this server.

[RLLD 4,275]

I've never followed you on this. If you owned Google stock, and it had a 5% jump upon changing the umbrella corporation to Alphabet, is the expectation you would take .95 on the dollar? This managed economy bs has no basis in reality, its a warped way of thinking. Are we supposed to ignore market forces and inflation for some crazy notion of intrinsic value?

 

Homes are not fungible, the comparison to stocks is spurious. I have never blames sellers or buyers exclusively, but have included them as culpable to a much lesser extent, it seems as though some people ardently oppose the notion of morality in capitalism, hopefully those people lost big time on the markets so they can see that things tend to come back around.

[Magnificent Bastard 192]

YouTube "home ownership and president Bush" . You can listen to his take on it. I dare you to

[Magnificent Bastard 192]

Yes they had the option of hamstringing themselves by not achieving CRA compliance... All the banks fought hard to comply so they would be allow to grow through acquisitions and mergers....

Who came up with "stated income loans"? It for damn sure wasn't the government

[Magnificent Bastard 192]

The American Dream down payment act of 2003. Look it up.

[DankNuggs 305]

So the Banks, who own our government, we're getting pushed around by our government? They could have cared less about the CRA. It was around since the 70's without a problem.

Completely untrue, they were falling overthemselves for loans fitting the CRA criteria that weren't going to blow up in their faces... Lots of banking consolidation going on at the time.

 

 

You can look at Dodd Frank today and see the chokehold it is putting on lending and how screwy the rules are. Its job is to prevent Too Big to Fail, but law of unintended consequences, it puts much higher proportionate regulatory burdens on small banks, which fuels consolidation. But the big banks are hand tied. Its hampering lending.

[Magnificent Bastard 192]

Completely untrue, they were falling overthemselves for loans fitting the CRA criteria that weren't going to blow up in their faces... Lots of banking consolidation going on at the time.

 

 

You can look at Dodd Frank today and see the chokehold it is putting on lending and how screwy the rules are. Its job is to prevent Too Big to Fail, but law of unintended consequences, it puts much higher proportionate regulatory burdens on small banks, which fuels consolidation. But the big banks are hand tied. Its hampering lending.

Requiring a job and a down payment is hampering lending. 4% interest rates aren't enough for them to lend? Did you watch the video? Please do.

[DankNuggs 305]

 

Homes are not fungible, the comparison to stocks is spurious. I have never blames sellers or buyers exclusively, but have included them as culpable to a much lesser extent, it seems as though some people ardently oppose the notion of morality in capitalism, hopefully those people lost big time on the markets so they can see that things tend to come back around.

Homes are fairly fungible... obviously compared to stocks the are further down the spectrum.

[DankNuggs 305]

Requiring a job and a down payment is hampering lending. 4% interest rates aren't enough for them to lend? Did you watch the video? Please do.

its really hurting commercial lending more than SFH lending... I have no issue with a job and a down payment. Although i did use the FHA first time homebuyer program to buy my first condo and it was very helpful given the high costs of housing in the boston area. I thought it was a good program. Relatively competitive on rate, but have to pay PMI....

[Baker Boy 1,710]

In 2007 we borrowed 5.9 cents on the dollar in 2011 we borrowed 36.1 cents on the dollar. http://www.factcheck.org/2011/11/junkie-math/

[Magnificent Bastard 192]

its really hurting commercial lending more than SFH lending... I have no issue with a job and a down payment. Although i did use the FHA first time homebuyer program to buy my first condo and it was very helpful given the high costs of housing in the boston area. I thought it was a good program. Relatively competitive on rate, but have to pay PMI....

Do your best to get rid of that PMI. Its dead money.

[Magnificent Bastard 192]

In 2007 we borrowed 5.9 cents on the dollar in 2011 we borrowed 36.1 cents on the dollar. http://www.factcheck.org/2011/11/junkie-math/

And I guess what happened in 2008 had no bearing on that.

[Baker Boy 1,710]

Give a man a welfare check, a free cell phone, cash for his clunker,
food stamps, section 8 housing, free contraceptives, Medicaid,
ninety-nine weeks of unemployment, free meds, and he will vote for
 you the rest of his life --- even after he's dead.


[Sho Nuff 720]

Give a man a welfare check, a free cell phone, cash for his clunker,
food stamps, section 8 housing, free contraceptives, Medicaid,
ninety-nine weeks of unemployment, free meds, and he will vote for
 you the rest of his life --- even after he's dead.


Yet, you keep voting for the same type of people...just have an ® by their name.

[Magnificent Bastard 192]

Give a man a welfare check, a free cell phone, cash for his clunker,
food stamps, section 8 housing, free contraceptives, Medicaid,
ninety-nine weeks of unemployment, free meds, and he will vote for
 you the rest of his life --- even after he's dead.


Cash for clunkers is one of the great government success stories of modern times. The free cell phones started under Bush. Free contraceptives is another resounding success

[DankNuggs 305]

Do your best to get rid of that PMI. Its dead money.

It bothered me to pay PMI, but all in it was still cheaper than renting... I bought during the bottom of the market and sold 3 years later and did pretty well... bought a house for the baby and the dog...

[BunnysBastatrds 2,676]

Cash for clunkers is one of the great government success stories of modern times. The free cell phones started under Bush. Free contraceptives is another resounding success

 

 

Really? So why does it not exists anymore if it was such a great success.

[DankNuggs 305]

 

 

Really? So why does it not exists anymore if it was such a great success.

Everyone trading in and bought GM cars... they are waiting for the Cash for Recalls program....

[Magnificent Bastard 192]

 

 

Really? So why does it not exists anymore if it was such a great success.

You tell me smart guy. I'll give you a hint: supply and demand. Now figure it out.

[BunnysBastatrds 2,676]

You tell me smart guy. I'll give you a hint: supply and demand. Now figure it out.

 

 

Reducing the supply of used cars and driving up used car prices, which are mostly purchased by middle to low income people who could afford them, was pure fawking genius. The funny thing about that program, it wasn't the intention of the program. It's intention was to put new economical and greener cars on the road and take the old far less economical cars off. So they made life harder on the poor as they were so ignorant of the obvious outcome, they realized what a clusterfawk they created and cancelled it?

[Magnificent Bastard 192]

 

 

Reducing the supply of used cars and driving up used car prices, which are mostly purchased by middle to low income people who could afford them, was pure fawking genius. The funny thing about that program, it wasn't the intention of the program. It's intention was to put new economical and greener cars on the road and take the old far less economical cars off. So they made life harder on the poor as they were so ignorant of the obvious outcome, they realized what a clusterfawk they created and cancelled it?

That's it. Nice job. I'll be back later when you're good and lubed up with your band of retards.

[BunnysBastatrds 2,676]

That's it. Nice job. I'll be back later when you're good and lubed up with your band of retards.

[IGotWorms 4,063]

LOL.... you can still get an ARM, i think it was a really good way to go a couple years ago, then lock longterm over the past year... it its pretty much just as easy to get a mortgage... No one forced anyone to buy a house...

No stated income mortgages anymore

[KSB2424 3,174]

Cash for clunkers is one of the great government success stories of modern times.

Quite possibly the funniest thing I've read here.